Steven Madden (SHOO) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue rose 29.4% YoY to $753.7M, with full-year revenue up 11% to $2.53B, exceeding guidance due to core footwear and Kurt Geiger acquisition.

• Adjusted earnings surpassed guidance, with Q4 adjusted net income at $34.3M ($0.48/share) and full-year adjusted net income at $120.9M ($1.70/share).

• 2025 was challenging due to new US tariffs, but strategic focus on product and marketing drove consumer engagement.

• All three lead brands (Steve Madden, Kurt Geiger, Dolce Vita) are positioned for growth in 2026.

Financial highlights

• Q4 consolidated revenue: $753.7M, up 29.4% YoY; excluding Kurt Geiger, down 1.4%.

• Wholesale revenue: $433.3M (+7.5% YoY); wholesale footwear up 11% YoY, driven by Steve Madden and Dolce Vita.

• Direct-to-consumer revenue: $316.6M (+79.9% YoY); excluding Kurt Geiger, up 1.6%.

• Q4 gross margin: 43.8% (vs. 40.4% prior year); full-year adjusted gross margin: 42.6%.

• Cash and equivalents at year-end: $112.4M; net debt: $121.7M.

Outlook and guidance

• 2026 revenue expected to grow 9%-11% YoY; Q1 2026 revenue expected up 15%-17%.

• No earnings guidance due to tariff policy uncertainty.

• Private label revenue expected to decline nearly 20% in 2026; branded businesses forecasted for growth.